Rise in prevalence of various chronic diseases such as cancer and cardiovascular diseases drives the growth of the global complementary and alternative medicine market.
PORTLAND, Ore., Aug. 26, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Complementary and Alternative Medicine Market by Type (Medicines, Therapy), by Disease Indication (Diabetes, Cardiovascular, Neurology, Cancer, Arthritis, Others), by Distribution Channels (Direct Sales, Online Sales, Distance Correspondence): Global Opportunity Analysis and Industry Forecast, 2021–2031.” According to the report, the global complementary and alternative medicine industry generated $102.0 billion in 2021, and is estimated to reach $437.9 billion by 2031, witnessing a CAGR of 15.6% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Rise in prevalence of various chronic diseases such as cancer and cardiovascular diseases and surge in popularity of complementary and alternative medicines & therapies along with rise in costs of traditional medicines and their side effects drive the growth of the global complementary and alternative medicine market. However, side effects associated with self-medication restrain the market growth. On the other hand, rise in adoption of strategies such as collaborations, mergers, and acquisitions by leading players create new opportunities in the coming years.
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Impact of Covid-19 on Complementary and Alternative Medicine Market Scenario-
- Owing to the surge in COVID-19 infection worldwide and lack of availability of therapeutics for treatment against COVID-19, people turned toward complementary and alternative medicines as preventive measures and treatments.
- According to the research published by Mahlagha Dehghan et. al. in January 2022, nearly 84% of the participants of the survey reported usage of one of the complementary and alternative medicines (CAMs) during the COVID-19 pandemic in Iran.
- Adoption of yoga and meditation experienced a sharp rise during the pandemic due to closure of fitness centers, gyms, swimming pools, and sports stadiums with lockdown restrictions in place. So, people began therapies and exercising at home. This, in turn, led to the growth of the global complementary and alternative medicine market.
- Surge in online classes and sessions that offer beginner and advanced courses related to alternative therapies such as yoga, aerobics, and meditation impacted the market positively during the pandemic.
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The medicines segment to maintain its leadership status during the forecast period
Based on type, the medicines segment accounted for the highest market share in 2021, contributing to nearly two-thirds of the global complementary and alternative medicine market, and is estimated to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 15.9% from 2022 to 2031. This is due to surge in prevalence of chronic and autoimmune disorders and increase in the adoption of natural remedies such as Ayurvedic medicines and herbal supplements. The report also analyzes the therapy segment.
The diabetes segment to maintain its dominant share during the forecast period
Based on disease indication, the diabetes segment contributed to the largest market share in 2021, accounting